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CBRE expects slowdown in US office market in 2017

by Andrea Waitrovich

The U.S. office market is poised for a moderate slowdown in 2017, due to a combination of softer tenant demand and an increase in new supply, according to CBRE Research.

Firms are finding it increasingly difficult to find qualified workers, which is reflected in the low unemployment rate, the near-record number of job openings, a steady increase in the number of “quits,” an indicator of worker confidence, and the real wage growth.

CBRE expects 2017 to register a lower net gain in office-using jobs, 273,400, down from 2016’s anticipated 413,600 and the 2010–2016 annual average of 418,100.

In addition, CBRE expects more than 50 million square feet of office space completions in 2017 — the most si